He also said that the company has optimised and planned its team strength based on the core business, and continues to execute its long-term business strategy in India and aim to be profitable by early 2021.

“We have realigned certain functions and teams to reflect our business priorities and a member-centric approach. While decisions that impact our people are some of the hardest to make, we believe that this step is required to build an effective and sustainable structure that supports the company and our members in the long term,” Virwani said in the statement.

The US-headquartered co-working major operates around 34 centres in India and has a workforce of around 500 employees. The company has already been under financial stress and the pandemic has worsened the situation. Globally also the company has taken to layoffs off late.